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Home/GB Balancing Mechanism Summary – October 2018

GB Balancing Mechanism Summary – October 2018

Aurora’s Flexibility Market Summary provide a concise monthly review of recent events in key markets for flexible technologies. The initial focus is on the balancing mechanism and firm frequency response (FFR) markets with more ancillary services markets to be added over time.

Key highlights from the October report are:

  1. The average short system price for October rose to £84.31/MWh, while the average long price dropped slightly to £45.54/MWh.
  2. Bid and offer acceptance volume in October remained large at 1035 GWh and 994 GWh respectively, with CCGTs contributing 38% and 75% of the total bid and offer volumes.
  3. As coal plants start to come online for winter, they played a larger role in balancing actions for October, comprising 7% and 10% of the total accepted bid and offer volumes.
  4. With decreases in gas prices resulting in an 8% drop in average marginal costs to £85.65/MWh, trading hours and profits of gas recips recovered from their 13-month lowest levels in September.

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